I could be wrong here, but I would think your creditors would be more likely to go for bankruptcy than write the debt off. I am sure Melanie will correct me if I am wrong.
I would think the extra on the Natwest account is interest and charges added since your IVA failed.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
There is nothing wrong with the advice that you have received from Myvesta, but at the end of the day it is not their decision whether you have a second IVA accepted but that of your creditors. If they are prepared to recommend you to an IP firm (as they are not IPs themselves) and that firm are prepared to present a case for you for no up front fee, then you have nothing to lose in trying.
The problem is BR ISN'T an option as hubby is an Accountant.
We are tenants and the only car we have is 22 years old and worth £50!!
I would like to do a DMP for now until I go back to work next September but hubby says we should do a new IVA now so we can get started but I am completely unsure as to what is the best route.
I think the possibility is we can do a DMP with small token payments for now.
A second IVA scares me as the first one was horrendous.
We tried to chat to our IP at the start as we had doubts but we were pretty much pushed into it so we were locked in for 2 years.
If we do a DMP for 10 years for example we could afford £200 a month which would equate to £2400 a year and would only equate to only £28000 which leaves us £12000 still to pay so we realise a 2nd IVA would be better for us as it would mean we could be debt free in 5 years.
My sister pointed out that even if we commit to £200 a month we can still add monies to the plan and we could still be debt free in 5 years if we apply ourselves. My own brother was £23k in debt and paid it all of in 2 years once.
What do you all seriously think is our best options?
My previous post refers - but if the IVA is rejected, then you are only left with two choices - bankruptcy or DMP. Is your husband a qualified accountant, and does it state in his contract of employment that he will lose his job if he is declared bankrupt?
Well his current employment wouldn't have been affected by bankruptcy by he finds out on Friday 10th October if he is being redundant and the likelihood is that he will be.
Any other employment will be affected by his redundancy because of the type of accountancy role he qualified for this past month.
I kick myself sometimes because if I had put the loans and credit cards in my name then I could declare myself bankrupt and that would have been it.
They are all in his name and 3 of them have me as additional cardholder and co- bank account names.
I would definately look at a DMP for a while until you sort things out with his employment etc. The longer the gap between IVA 1 and IVA 2, the more chance in my humble opinion you have in getting it accepted.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I looked at the CCCS website and they were rather daft!!
Their expenditure form would only allow me £130 a month on petrol and my husband works 30 miles away so spends £200 a month on petrol and they said we could only have £21 a month for our cats when we spend £66 a month on them. (Several of their innoculations and flea treatment I spread over the year and with their food, cat litter, insurance, one cat's medicine and insurance excess every year it comes to £66 a month) so I think the CCCS might not be an option.
Hi
After your experience with DFD,the largest IVA provider in the country you may want to steer away from large organisations like CCCS and Payplan.
Yes they are free but sometimes good service and sound advice is worth paying for.
Food for thought
Regards
You make a good point but I can't change my expenses every month relating to these two things.
I have contacted PayPlan and will discuss things with them tomorrow.
Fingers crossed.
Hi
Good luck
Your expenses should be allowable if they are true and genuine.
The CCCS produce guidelines,if you have good reason for higher costs then these should be allowed
Regards
